Elon Musk is a passionate advocate of Dogecoin. Using his platform and reputation, Musk was a big contributor to DOGE’s rise to $0.70 in early 2021 before it began to fall.
Nonetheless, Elon Musk has not wavered in his support for Dogecoin and has been extremely open about it. The ‘Dogefather’ recently disclosed why he invested in the meme coin and began to promote it.
In a recent interview with Bloomberg, SpaceX CEO Elon Musk discussed why he became involved with the meme coin in the first place. Musk, who abruptly began promoting Dogecoin in early 2021, stated during the interview that he became interested in Dogecoin because of staff at SpaceX and Tesla, both of which he serves as CEO.
Elon Musk said that it was the factory workers on the floor who had informed him and requested his cooperation. “I just had a lot of people who’re not that wealthy encourage me to buy and support Dogecoin,” Musk explained. “So I’m responding to those people.” Just people that work in the factory of SpaceX or Tesla have asked me to support Dogecoin.”
In the future, the billionaire has indicated that he will continue to hold and promote Dogecoin. This is despite a large lawsuit being launched against Musk for allegedly being complicit in a plot to inflate the price of the meme coin and then dump it.
Elon Musk’s enthusiasm for the meme coin has gone beyond simply tweeting about it. Tesla, the world’s premier electric vehicle manufacturer, is now accepting Dogecoin as payment for items, and Musk has previously stated that SpaceX will accept DOGE payments at some time.
Despite the meme coin’s dropping value, interest in Dogecoin has not faded. As expected, the altcoin has taken a significant damage as it enters the bear market. However, its volume continues to rise, owing to whales’ increased interest.
According to data, whale transaction volumes have increased by more than 100% in the last 24 hours alone. These transactions, which need a minimum of $100,000 in DOGE, increased from roughly 100 the previous day to 222 on the final day. This represents a 118% increase in the last day, resulting in almost $1.12 billion in transaction volumes from these major whales alone.
This fresh interest indicates that the meme coin’s future is not doomed. As long as these figures continue, the altcoin may be able to recover. However, the price has not reacted well to this. While there was a brief rise, it swiftly returned to its downward trend and is now trading at $0.0713 at the time of publication.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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